FX.co ★ Tokyo Core CPI Eases to 2.4% in October, Signaling Further Cooling in Underlying Inflation

Tokyo’s core consumer inflation, excluding food and energy, slowed to 2.4% year-on-year in October 2026, down from 2.7% in September, according to data updated on 29 October 2026. The “CPI Tokyo Ex Food & Energy” gauge is closely watched as an early indicator of nationwide price trends, and October’s reading points to a continued moderation in underlying inflation pressures.

The year-on-year comparison shows that while prices in Tokyo are still rising faster than the Bank of Japan’s 2% target, the pace of increase is easing. The October print suggests that domestically driven inflation, once boosted by pass-through of earlier cost pressures, may be losing momentum as demand normalizes and earlier shocks fade from the base. Investors and policymakers will be watching upcoming nationwide figures to confirm whether this downtrend in core price growth extends beyond the capital.